Reports indicate that the interest rate for jumbo loans, which includes loans greater than $421,100, dropped five basis points last week, averaging 3.99 percent for the week. That is now 13 basis points lower than the conforming rate, which is the largest spread between jumbo rates and the conforming rate since March 2016, according to the Mortgage Bankers Association (MBA).

“A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lower pricing,” says Joel Kan, a Mortgage Bankers Association economist. Sales on the higher end of the residential real estate market are increasing, which in turn also explains the stronger demand for jumbo loans recently.

Meanwhile, insufficient levels of inventory with regard to homes for sale on the lower end are keeping applications down, according to the MBA. Total mortgage application activity – for both homeowners who are looking to refinance and those who are looking to make home purchases –decreased by 0.5 percent week over week on a seasonally adjusted basis, the MBA reported.

This marks the second consecutive week that applications have stayed in place for the most part.

Applications from homeowners looking to refinance last week showed a slight 0.3 percent increase from the previous week, but remain 38 percent lower than the same week a year ago, when rates were lower. Mortgage applications to purchase a home dropped by two percent for the week. Still, purchase applications are 9 percent higher than the same week one year ago, the MBA reports.

The 30-year fixed-rate mortgage averaged 4.12 percent last week, the lowest rate since last November.

According to a recent analysis by Zillow, home sellers spend an average of $15,190 on expenses that are common when placing a home on the market, but often overlooked. Some of those expenses include closing costs and home improvements.

An excess of 80 percent of sellers spend on home improvements prior to listing their homes, with the most popular home improvements including new carpeting, cleaning services, painting and related supplies, lawn care and staging, coming to an average of $2,658. Sellers also typically spend on closing costs, commissions to real estate professionals, and sales or transfer taxes, coming to an average of $12,532. Keep in mind that closing costs vary substantially based on location.

“One of the biggest regrets sellers have is not starting the process early enough,” says Jeremy Wacksman, Chief Marketing Officer at Zillow Group. “For those planning to sell this year, take your time to research all the costs you could be responsible for and how they may affect your profit, or even budget for your next home. Partner with a great agent who can help you understand the nuances in your market – from what taxes of closing costs you should expect, to which home renovation projects can help attract the buyer.”

“Sellers need to consider these additional, often necessary costs when planning to put their home on the market,” says Lucas Puente, Economist at Thumbtack, which also conducted the analysis. “While it’s clear these costs vary widely, often times the easiest way to ensure a home is fully prepared to be sold is to hire local, skilled professionals to help with basic home improvements.”

Enlisting the help of professionals may be an option a seller thinks is unnecessary, but the truth is that hiring someone who has experience may save the home seller time and money, as well as ensure the projects are completed properly and efficiently.

This newly listed single-family, single-level pool home located in Marbella Lakes offers three bedrooms, three bathrooms, plus a den. The entry foyer and master bedroom have grand tray ceilings. The home also offers granite countertops throughout, roll out lower kitchen cabinet shelves, custom-built in-bar buffet with a beverage refrigerator, French doors at the entryway to the den and custom walk in closets in the master bedroom. The home has southern exposure and sits on a wide lot.

Marbella Lakes is like no other community, located along Livingston Road in the heart of beautiful Naples, Florida. The community offers a full time Activities Director and Community Association Manager on location and the homes are centered surrounding a beautiful clubhouse and resort pool.

The home is located at 6792 Del Mar Terrace and is listed at $554,000.

Naples, Florida is a city on the Gulf of Mexico in southwest Florida that is known for high-end shopping and golf courses. The Naples Pier, first erected in 1888, is the city’s symbol, and is a popular fishing and dolphin-spotting destination. Naples is bordered by miles of beaches with calm waters and fine white “sugar” sand, including those at Clam Pass Park and Delnor-Wiggins Pass State Park. Naples is widely known as a wonderful place for those looking for a vacation home or a year-round home, with great schools and employment opportunities.

Magnificent first floor end unit with 2,845 square feet of open living space featuring three bedroom + den, three and half bath, and a two car garage, located just steps from the community pool and clubhouse.

No detail has been spared in this luxury home, which offers living like a single-family home, with high ceilings and many unique architectural features. Everything about this tastefully designed residence signals quality, with high tray ceilings, recessed lighting, solid doors, high impact resistance windows, custom window treatments, electric and manual storm shutters, tile on diagonal, hardwood-floors & much more.

The grand entry way leads to a gourmet kitchen with stainless-steel appliances, granite countertops, custom wood cabinetry opening to a grand living- room with a wall of sliders that disappear into the recessed wall bringing the outside in. The spacious master bedroom offers walk-in closets, and the master bath features marble counters and a jacuzzi tub. Two other guest suites each offer their own bathroom.